Merger of Energy Risk Associates and PWIB Texas Creates Towerstone

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IMA Financial Group Inc. announced the recent formation of Towerstone Inc., a wholesale insurance broker and managing general agency with extensive experience in a broad spectrum of industries, with expertise in energy and construction.

Towerstone is the result of the merger of Energy Risk Associates Inc. (ERA) with the recently acquired assets and employees of R.A. Stough LLC, d/b/a PWIB Texas.

Founded in 1997, ERA has been a wholesale insurance broker specializing in the energy industry. PWIB Texas has been a wholesale broker and managing general agency since 2004, specializing in the placement of property and casualty insurance with strong construction capabilities. The union produces a strong force in the market, providing an even broader array of expertise, markets and services.

Bringing more than 30 years of industry experience to the company, Robin A. Stough serves as president of Towerstone. Stough launched his insurance career in 1977 as an underwriter with American International Group. Prior to joining Towerstone, Robin was president of PWIB Texas, and is currently a director for the Texas Surplus Lines Association.

Steven “Pat” Ashcraft, executive vice president and Energy Practice director, will continue to lead Towerstone’s energy division. Ashcraft has specialized in the placement of insurance for the energy industry since 1980. He has extensive knowledge of the oil and gas exploration and production business, which enabled ERA to become a premier broker for the energy industry.

Ashcraft also has significant knowledge of mid-stream oil and gas field operations including natural gas pipeline and transmission operations, pipeline and plant compression operations, natural gas treating and natural gas liquids production. He has been a Lloyds of London coverholder for well control and property risks since 1985.

Towerstone has offices in Dallas and San Antonio, Texas.

Source: IMA Financial; Towerstone

Topics Mergers & Acquisitions Texas

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